Hi mapleleaf,

I'm not a conveyancing expert, but my understanding is that this is to check that you're not formally insolvent at the time of the property transaction.

If a lender wanted to dig into whether you'd ever been in a trust deed before they could ask about it in their application form, check the permanent record on the Edinburgh Gazette that will apply here, or perhaps consult their own records of insolvencies if they have compiled them.

That is my understanding too - just a check to ensure that there is no reason the transaction cannot proceed, rather than a part of the credit-scoring/acceptance process.

But if your name comes up on a search of the Register of Insolvencies (which mine will until October), then if I haven't mentioned it on my application form, they could well pull the mortgage offer as the solicitor is duty bound to notify the lender. That is my understanding.

E.g. say the application only asks if I've been "bankrupt". Technically I haven't, so I say no. Now when it gets to the day before completion, the solicitor will do their search which I understand is to only check for current or pending bankruptcies. Even though I'm neither of those, my name will still come up.

Just frustrating that you enter a TD to try and get closure on your debts and move on with your life but mortgage lenders don't seem to want to know.

Hi mapleleaf,

I do understand your concern that your ability to get this mortgage might be affected.

For the benefit of other readers though, we've heard from a number of people who have been able to remortgage after their trust deed with a very open and full disclosure of what went before.

Not sure it's fair to point the finger at mortgage lenders in general to be honest.

From a lenders point of view they are taking a risk in lending to someone who has been insolvent previously regardless of how the debtor came to be in that position. 2 years is little time to show that the applicant is on a steady footing and can borrow responsibly so rightly there will be caution but it is not impossible to get a mortgage - some people may have to wait a while longer than they'd like. Honesty is always best as a lender can decline a mortgage where there's been AIP for a number of reasons.

I agree with TDA.

All fair points. I had a Decision in Principle (DIP) with a building society but the broker never asked about adverse credit at that point and I never mentioned it. I then emailed him afterward to tell him. He contacted who I had the DIP with, they confirmed a full application would be declined.

I now have another DIP with another lender who is aware of my past TD. So if anybody reading this is wondering about a mortgage a couple of years after discharge. My advice would be to speak to a mortgage advisor/broker. Every situation is different so it's difficult to compare one persons experience with another.

I think that's great advice mapleleaf.

Working with a mortgage broker is a central part of the guide we've had on this website for some years now:

https://www.trust-deed.co.uk/repair-your-credit-rating.html

Trying to find a willing lender yourself in the couple of years after a trust deed is likely to be a frustrating and fruitless exercise.

Hi Mapleleaf can I ask what lender you have been accepted with as my circumstances are similar to yours timing wise. 3 years satisfied next month. I did speak to a broker last week and he advised me that I had everything else going for me affordability, clear credit file etc, but because of the trust deed he had no lenders who would be able to consider me until 2019! He said he spoke to 3 lenders and also his colleagues who advised they would only consider looking at my application 3 years after it fallped of my credit file! So that's Nov 2019 for me. Just really disheartening. He mentioned the 3 lenders he spoke to were nationwide,lloyds and Halifax and that these were the 3 lenders who would usually consider adverse credit applications for HTB. They also change the criteria often.. However, seeing your post it's given me a little hope.

Welcome to the forum Suits2017.

I'd focus on finding the right broker and let them (hopefully) find you the right lender.

Members are free to name brokers who have done a good job for them. Hopefully someone has a recommendation for you.

Thank you. It's been really helpful so far.

Hi Suits2017. It sounds like you need to find a broker that's "whole of market". There are definitely lenders out there that will be sympathetic to someone that is discharged from their TD.

However, everyone's circumstances are different (despite our TD timelines being similar). It all comes down to risk, property, affordability, deposit, etc.

This isn't a recommendation but I used a company called First Mortgage. I have a DiP with a building society (I don't want to mention them as it's best a broker finds you a lender for your circumstances). What you can do is search on the internet for the lending criteria of mortgage companies.

For example, if you search for Nationwide Lending Criteria in Google, you'll see a page for Intermediary's (brokers).
http://www.nationwide-intermediary.co.uk/lendingcriteria/a_z

In the credit score section you'll see an entry about bankruptcy (technically a TD isn't bankruptcy but a lender may treat it the same when it comes to lending criteria);

- Applicants who have been discharged for at least 3 years can be considered.

So in Nationwide's case, they will consider you 3 years after you've been discharged, which looks to be after March in your case.

This is just an example of research you can do yourself but I would still advise you speak to a broker that a) can search a large pool of mortgage products and b) understands what a TD is as some are quick to dismiss it and say you'll not get a mortgage for (ins#8203;ert arbitrary time period here) years!

Thanks. Deposit and affordability aren't an issue at all. Its HTB and I've got £10,000 saved for that. I also earn £40,000 p/a in my career, which means the property I'm interested in is affordable for me. Credit file is clear but my details are still showing on the roi, so I want to declare the trust deed and was hoping for details on the lender who consider. I've had a look and both Nationwide and Halifax state as you've mentioned above. I've spoke to a broker called mortgage force and have a plan of action in place. They were really helpful and positive. They said as long as everything else about the application is attractive then that's a good start. He seemed positive and said if we do the soft search or AIP and it's not what you want then we will keep at it until we feel your score/application is where it should be. Halifax use Experian for the search, but when doing the full application they'll search all files, so I'm waiting on a recent change to my callcredit file being updated and also until it's 3 years post discharge. Experian score is good and the other 2 are fair. Can only try. It seems the last broker just wasn't interested in putting any effort in to help me.

Some mortgage brokers just aren't interested in this type of work.

They tend to flag non-existent general criteria out of ignorance or deceit to put enquirers off and/or send them elsewhere.

Judging by what is claimed on the Money Saving Experts forum, I would be wary of an AIP from Halifax as they don't appear to do a credit search and simply do a score.

Their lending criteria seems to back this up; https://www.halifax-intermediaries.co.uk/criteria/mortgage/default.aspx